Mission Produce’s planned acquisition of Calavo Growers for approximately $430 million is set to close on May 28, 2026, after the companies secured the final outstanding antitrust approval from Mexico’s Federal Economic Competition Commission (COFECE) on May 22.
"This clearance satisfies the acquisition’s closing condition set forth in the previously announced merger agreement regarding the receipt of antitrust approval in Mexico," the companies said in a joint statement.
The approval from COFECE was the last major regulatory hurdle for the cash-and-stock transaction, which was first announced in January 2026. The deal aims to combine two of the world's largest avocado producers, with Mission Produce expecting to realize $25 million in annualized synergies. The U.S. Hart-Scott-Rodino (HSR) antitrust waiting period expired in April 2026.
With the final regulatory approval in hand, the merger's completion now depends only on the satisfaction of remaining closing conditions. The combination of Mission's global distribution network across 25 countries and Calavo's 100-year history in processing and distribution is expected to create a dominant force in the global avocado market.
Avocado Giants Combine
The merger unites two titans of the avocado industry. Mission Produce, founded in 1983, is a global leader in sourcing and distributing Hass avocados and mangos. It operates five packing facilities in the U.S., Mexico, Peru, and Guatemala and has a distribution network spanning North America, Europe, and China.
Calavo Growers, established in 1924, is a pioneer in the avocado industry and also distributes tomatoes and papayas. Headquartered in Santa Paula, California, Calavo serves a wide range of customers from retail grocery to foodservice wholesalers globally.
Path to Closure
The journey to the merger's finalization began in January 2026 with the initial acquisition announcement. Despite what the companies termed a "strategically positive" deal with a premium for Calavo shareholders, Mission Produce's stock fell 3.2 percent on the news, indicating initial investor caution. Following the announcement, both companies filed the necessary registration statements and joint proxy materials with the U.S. Securities and Exchange Commission, which were approved by shareholders. The expiration of the HSR waiting period in the U.S. in April, followed by this final COFECE approval, has cleared the path for the May 28 closing.
This article is for informational purposes only and does not constitute investment advice.
